Social Security Surplus Protection Act of 1999

Summary

Social Security Surplus Protection Act of 1999 - Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to require, after any sequestration of budget-year budgetary resources under discretionary spending limit or pay-as-you-go enforcement provisions, a sequestration equivalent to the estimated net surplus in the social security trust funds (Federal Old-Age and Survivors and Disability Insurance Trust Funds) for the budget year as estimated by the Secretary of the Treasury in order to reduce the public debt. Includes information on sequestration to reduce the public debt in reports issued by the Office of Management and Budget and the Congressional Budget Office. Applies this Act's amendments, beginning in FY 1999, and ceases its effectiveness after the earlier of: (1) the first fiscal year during which there is no public debt; or (2) the fiscal year during which there is enacted legislation which is determined, under Government budgeting and scoring principles, to keep social security solvent.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 19 January 1999

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• Introduced in House (PDF)

  Introduced in House · EN · 19 January 1999

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• Introduced in House

  summary · EN · 19 January 1999

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